The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hi Tech Ferrous & Non-Ferrous India Pvt. Ltd. The application was filed due to the Corporate Debtor's failure to maintain financial discipline, leading to the classification of loan accounts as Non-Performing Assets (NPA). The Financial Creditor recalled loan facilities and issued notices under the SARFAESI Act. The Corporate Debtor's proposal for rescheduling financial facilities was rejected. The Financial Creditor sought an upfront payment of Rs. 1.27 crores for considering the rescheduling request.
Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hi Tech Ferrous & Non-Ferrous India Pvt. Ltd. The application was filed on 05.04.2024. The Corporate Debtor availed various financial facilities from the Financial Creditor, including term loans and working capital. The total financial debt was Rs. 23,07,21,576.62 as on 22.03.2024, with the date of default being 26.01.2023. The Corporate Debtor failed to maintain financial discipline, leading to the classification of loan accounts as Non-Performing Assets (NPA) on 26.01.2023. The Financial Creditor recalled loan facilities and issued notices under the SARFAESI Act. The
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The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hi Tech Ferrous & Non-Ferrous India Pvt. Ltd. The application was filed due to the Corporate Debtor's failure to maintain financial discipline, leading to the classification of loan accounts as Non-Performing Assets (NPA). The Financial Creditor recalled loan facilities and issued notices under the SARFAESI Act. The Corporate Debtor's proposal for rescheduling financial facilities was rejected. The Financial Creditor sought an upfront payment of Rs. 1.27 crores for considering the rescheduling request.
Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hi Tech Ferrous & Non-Ferrous India Pvt. Ltd. The application was filed on 05.04.2024. The Corporate Debtor availed various financial facilities from the Financial Creditor, including term loans and working capital. The total financial debt was Rs. 23,07,21,576.62 as on 22.03.2024, with the date of default being 26.01.2023. The Corporate Debtor failed to maintain financial discipline, leading to the classification of loan accounts as Non-Performing Assets (NPA) on 26.01.2023. The Financial Creditor recalled loan facilities and issued notices under the SARFAESI Act. The
…The date of default…
The Financial Creditor…